Ways To Save Money On Your Motor Insurance Premium

Quite similar to buying your next phone online buying motor insurance plans online can also help you save a lot of money on your motor insurance premium too. It is always advised that before you buy a new policy or renew an old you can always look at online comparison to find the right policy that fits well to your needs and also find the one which charges the lowest price for covering your motor at an highest IDV.

But other than the online ways of buy car insurance online plans India which can lead to lot of savings there are a set of rules that if you follows can anyways help you save a lot of money on your motor insurance premium.

Below are the list of smart of set of rules through which you can enjoy savings are the following:

• Your motor insurance premium would increase with the number of luxury accessories that you add to your motor like night vision, ultrasound sensors etc. So your regular driving habits don’t require usage of smart technology you can anyways avoid them to reduce the premium cost.
• Extra added facilities like on road assistance though might look like an attractive offer and may sometime be very helpful but you always evaluate these extra facilities based upon your driving needs before you opt for one because anyways the insurer is going to charge an extra money for it.
• You can at anytime reduce your motor insurance premium by just increasing the amount of voluntary payment that you agree to claim while making a claim. In a case like this if the percentage amount is high the insurer always incentivizes a policyholder by charging a lower premium.
• Avoid making small claims of your motor insurance policy which in turn erodes the NCB in your policy and the related discount in premium.
• Avoid policy lapse, do remember to renew your motor policy always one time. You should remember that motor policies don’t have grace premium like other form of insurance policies. The time a policy is lapsed you are forced to buy a new policy and in a case like all the benefits that you have enjoyed in the earlier policy would finish and you again need to get your motor surveyed by a surveyor and who will evaluate the risk associated with insuring your vehicle as per true current state which any ways would increase the cost of motor insurance premium.
• Try focusing on installing systems which can give an extra security to your motor. An insurer always incentivizes policyholders who follow this step.

buy motor Insurance Online plans, So not just buying the cheapest policy can bring a lot of savings on your motor insurance premium but if you follow certain steps as mentioned above can add an extra amount of savings

My Insurance bazaar-Increase your Car Insurance Premium using these five factors

A the recent proposal by the Insurance regulator to increase third party cover by 50% and which will become effective from 1-April 2017 for car and SUV above 1000 cc might have make lot of four wheeler owners unhappy. As this has become regular phenomenon in last few years so you should always look at finding smarter ways to control the cost. Since the third party cover rates in most of the cases are controlled by the Insurance Regulator but there are other ways by which your Insurer can incentivize you with a discount but you need to consider few important things.

5 Most important factors can affect premium pricing of car insurance plans are:

1.    You might not be aware of the fact that your car insurance premium does depend a lot on the city you live and city you drive your car. Car owners living in cities with high traffic intensity end up paying higher premium compared to small town dwellers.

2.    Age is another important factor governing your car insurance policy premium. Even your marital status does also affect the premium. People who are younger and single always end up paying higher premium because as per data drivers at an younger age tend have harsh driving habits making them more vulnerable to making claims. Even in most case women end up paying a lesser premium compared to men. Women are believed to be better and safer drivers compared to men.

3.    Your car or four wheeler engine type can strongly add more cost to your car insurance premium. Cars run on diesel turn to have higher IDV increasing the cost of premium.

4.    Your car policy premium also get affected by the type of coverage you have opted for.If try over customization by adding add-ons which might of use to you can increase your car premium. Say you end up adding Zero Depreciation Add On In A Car Insurance Policy even when your car is already 5 years old would increase the premium sustainably.

5.    If you are very much conscious with your car’s protection and have installed additional security features well in advance, you can always claim for discounts from your insurer.

The factors listed can act as guide book on how can you control the car insurance premium cost at any point of time but it always advised to follow safe driving habits. Don’t make claims on your policy if the claim amount is less than 20% of your car’s IDV and you end up making use of your car insurance coverage is a much better and getting discounts on premium every time because of higher NCB.

Other than these, always try to follow a smart strategy while buyingor renewing car insurance policy an older one but doing smart online comparison of various offering which exist in the market and which in turn can help you save more.

Original Published By- My Insurance Bazaar
Original Published URl- http://www.myinsurancebazaar.com/motor-insurance/car_insurance/article/Five-factors-which-can-increase-car-insurance-premium

My Insurance bazaar-Which One To Look For Individual Or Joint Term Insurance

Invariably term insurance is the most effective form of life insurance which anybody should look for their personal finance portfolio. Plus the affordability and coverage offered by a term plans makes it the most favored financial instrument for anybody to secure future of their loved ones. The plan is simple and straight, in case of demise of the insured person before the completion of tenure of the policy, the nominee get all the benefits at one go. The benefits that the nominee gets are completely tax free in the hands of the receiver under Income tax Section 10(10D).

A term insurance can be quite effective for you as person also. Lets understand by a scenario where you are only bread earner in the family and your monthly salary is something on which rest of the members of family are dependent on for daily needs and long term financial goals.In a scenario like this your death can lead to a financial turmoil in their lives and this is where the term plan that you have brought come as a great help. Other than this the affordability would always an important factor that lets you consider term plan as the right option to get insured.

Joint or individual term insurance:

Though the concept of joint term insurance is very new to India and you will very insurance companies are offering products under this category but still at times the option can be looked as a smart opportunity of getting insured when compared with individual plans. You will also have an option to buy two separate term insurance plans for people who are more important for the rest of the family. Joint Term Insurance Plans a Better Option For Working Couples and the financial plan for the rest of the family is considered on a joint basis.

The key feature of a joint plan and which is mostly common is the expiry of the policy happens on the first claim basis.if both the husband and wife is insured under a joint plan,if any of the member dies first before the completion of the policy tenure  the total sum assured is paid to the other partner and policy ends there. But when compared to buying separate individual plans even if one dies still the other policy continues. Some joint plans come with a rider where the other member is paid monthly income till the completion of the plan tenure and on a later stage sum assured is paid. One of the key demerit of joint plan is that even if both the members die due an accidental scenario only one claim is paid. In case of divorce the policy would always cease to exist subject to condition the other member stay prepared to take the burden on him or herself.

Though with all the merits and demerits joint plans are there and generally cheaper compared to buying separate individual plans.It all depend on the scenario and how you are managing your personal finance balance sheet which would define which type of term insurance plan is suitable for your needs.

Original Published By- My Insurance Bazaar
Original Published URl- http://www.myinsurancebazaar.com/life-insurance/article/Individual-or-joint-term-insurance:-which-one-to-look-for-

IS TERM INSURANCE IS THE BEST LIFE COVER OPTION?

So let’s try to make the process more simple. Let’s first understand what life cover is and what purpose the same serves for you. From the perspective of having a better financial life people generally make investments and which in future aggregates to give you lump sum money and the same can be used for purpose of fulfilling financial goals. But for that you need to have regular flow of money in the initial year, what if the family’s main bread earner dies and the flow of money stop. In a case like this the investment fully not serves the purpose. This is where the live cover option comes at a great help to the person. In case the person is the sole bread earner for the family and if he or she dies, then the regular income flow stop but the goals and liabilities still stays. A life cover provided under a life insurance policy or aptly saying under a term insurance plan enables the family members with the right amount of financial support to fulfill the liabilities and goals. Thus the life cover is an apt financial instrument for having a better financial life and health.

Now coming to the point which is the best option to get a life cover. From the above the description it is quite clear that the money that is paid towards life cover is actually a cost.So lower the cost the most effective it is. There are lot of life insurance policy options that available today to give a better life cover. Some plans come with return option similar to an investment product and some do not. Life Insurance plans which only offers life cover and don’t return any money at the end of the term of the policy period are technically called term policy. Since the term insurance only insures financially security for the nominees of the policy proposer so all these plans come with a very cheap premium pricing. The insurer generally charges a premium depending on the risk profile of the person. Premium pricing largely depend on the age of the policyholder. People people Buy Best Life Insurance Policy India at a very early age always enjoy the benefits of getting a higher cover at the lower price with more additional benefits attached to it. But this is not the case of people buying term plans at a much older age. The main reason behind it is that as the person grows older he/she becomes more susceptible to diseases and health problems so the insurer also evaluates the person to highly risky and charges a higher fee for the same amount of life cover.

Other than this online term plans are always considered cheaper. People opting for online term plans are believed by insurers more access to information and health care facilities and this become an additional factor which leads to online term plans becoming cheaper compared with other life cover option. So when the objective is clear and straight forward there is no point of wasting money in other options.  The life cover plans which even come with extra return option generally invest you money with assets like debt market and equity market but there operating cost is always higher. So from the perspective of life cover term insurance becomes the most effective option for people choose upon. if you are smart person to make a better decision you can also further save more by doing online compare term insurance plans online of various term plans available from various insurers.